Italian pizza prices have grown two and a half times faster than inflation. Bloomberg reports a 30 percent increase over last year, with Istat certifying inflation in the country at 8.3 percent. Why the gap? One possible explanation lies 1,000 kilometers west of Naples, in Spain. Following the latest statistics from Reuters, the country that produces 40 percent of the world's oil has suffered an unprecedented drought this year, destroying nearly half of its olive groves. Experts predict a nearly 50 percent collapse in production by 2023, reducing world olive oil stocks by 10 percent. In Italy, the price of olive oil has risen by more than 30 percent. But it is not just olive oil that is raising the prices of our pizzas. At the base of a pizza are several raw materials such as: flour, tomatoes, mozzarella cheese and most importantly energy. Each of which belongs to the two sectors most affected by inflation, according to the International Monetary Fund: energy and food.
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